- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-11-23T14:02:00
The asset management arm of Goldman Sachs agreed to pay $4 million to settle charges it failed to follow its own policies and procedures regarding a trio of investment products marketed for their environmental, social, and governance (ESG) considerations.
Goldman Sachs Asset Management (GSAM) reached an agreement with the Securities and Exchange Commission (SEC) announced Tuesday that continues the agency’s crackdown on whether investment advisers are backing up their ESG claims. Earlier this year, the SEC fined a BNY Mellon subsidiary $1.5 million for failing to meet its ESG representations regarding certain of its mutual funds.
The SEC in the spring proposed a rule that would require registered investment advisers, investment companies, and business development companies to submit enhanced disclosures about funds that claim ESG strategies drive their investment choices. The proposal has been met with pushback from the industry.
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Goldman Sachs Group disclosed more regulators—beyond the Consumer Financial Protection Bureau—are investigating its credit card account management practices.
The Securities and Exchange Commission is expected to see through its controversial policy proposals from 2022, though the newly Republican-led House could slow the agency’s momentum.
Investment advisers and companies worry a recently proposed rule by the SEC that would require enhanced disclosures about funds that claim ESG strategies drive investment choices would have “substantial impact” without providing useful information to investors.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
